The euro is surging

The euro is taking off.

Near 7:15 a.m. ET, the euro was up as much as 1.4%, and climbed as high as 1.1215 against the dollar. That's the highest level it's touched in nearly two weeks.

Greece submitted another proposal to creditors yesterday. Although it was much like the old one that was rejected, it at least rested some fears of the country's imminent exit from the eurozone.

Stock futures are also firmly in the green this morning, continuing a rally that began in after hours trading when the news of the new Greek proposal crossed.

Here's a chart showing the euro's climb on Friday:

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